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| Byr children received 180 million króna loans in total |
| Tuesday, 03 November 2009 19:02 |
 The loans which 10 children were issued from Glitnir to purchase shares in the initial capitalization funds auction of BYR roughly two years ago are in total 180 million króna. The children got interest payments for 86 million króna which were taken directly to pay up the loans which are thought to be illegal. According to the information from Islandsbanki were 10 loans issued for children who were not of legal age for the initial capitalization auction of Byr in December of 2007. The youngest child was at that time 1 year old and the oldest 17 years old. Two lones were taken in foreign currencies but eight in Icelandic króna. The lowest loan was for 2 million króna and the highest for 24 million króna. The children borrowed so in total 180 million króna and 86 million króna in interest payments from Byr last year. The interest payments were 44 percent of each share. They were never put in the pockets of the children but went straight to Glitnir to pay up the loans. The answers from Islandsbanki were that the invaludated action of this sort will be reversed in the way that the contracts might never have existed. Islandsbanki is so handling the process of returning the initial capitalization funds to Byr on the behalf of the children. They have so paid up the loans in Glitnir which equal to the interest payments of last year.
News Article by Helga Arnardottir Translated by Anya Original Article in Icelandic
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